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Swedish AI startup Lovable has surpassed $100 million in annual recurring revenue (ARR) just eight months after its launch. This achievement makes it the fastest-ever software company to reach this milestone, surpassing the rapid growth rates of companies like Cursor and Wiz.
Lovable’s rise is attributed to the popularity of its generative AI platform. The system enables non-technical users to build apps or websites based on simple text prompts. The platform was conceived by Anton Osika, who co-founded Lovable in 2023.
In an interview with TNW in April, Osika said, “I decided what we needed to do is build for the 99% who do not create software.” By allowing non-technical founders to create successful businesses without any prior coding or software experience, Osika believes the company is “unlocking a new economy.”
Lovable now has over 2.3 million active users and more than 10 million projects built on its platform. The company reports that over 100,000 new projects are being created each day.
Last week, Lovable announced a $200 million Series A round led by Accel, with participation from 20VC, byFounders, Creandum, Hummingbird, and Visionaries Club. The funding valued the startup at $1.8 billion, ranking among the largest Series A rounds ever raised by a European company.
Lovable has also upgraded its platform to be “fully agentic,” allowing it to “think through problems, make plans, and proactively take actions like a real developer.” The upgrade enables Lovable to search the web for content, debug code, and edit applications with full context—all without human intervention.
The company has launched a Business Plan offering “enterprise-grade security, privacy, and control,” which includes features like reusable templates, self-serve single sign-on (SSO), private projects, and data opt-out. Early customers include Klarna, Hubspot, and Photoroom.
In a statement, Osika said, “Despite our rapid growth, we are still just beginning to understand what this means for people and businesses around the world. AI is unlocking the potential for people to build easily, create new companies at an unprecedented rate, and have a positive impact on the world.”
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